A Study On The Motivations Of The Financial Cooperation Among The Brics From The Perspective Of Dual Interests

In the last decade of the 21st century," BRICS" as a typical representative of emerging markets is becoming an important engine of world economic growth,In recent years,BRICS emphasis on expand and deepen cooperation in economic and financial fields,To establish multi-level communication and cooperation mechanism in the international financial system reform.BRICS Summit held annually to discuss important matters relating to financial cooperation has become the norm,and continue to clear financial cooperation direction,sign the relevant financial cooperation framework agreement.In this paper,as BRICS financial cooperation theoretical basis,two-level games proposed new perspective "dual interterest",Reflecting the fundamental motiviation for BRICS financial cooperation,the interests is divided into regional and global levels,the former includes the settlement currency swaps and promote trade and investment facilitation,capital market cooperation can achieve double wins situation,BRICS cooperation in financial supervision to ensure financial security,NDB solve the difficult problem of infrastructure financing and CRA can cope with the international financial crisis.The latter contains the lowering of trade barriers,increasing IMF voting rights,enhance the level of international currency of BRICS.Secondly,analysis the fundamental motiviation of financial cooperation and others,using the theory of physics parallelogram,we find although the motiviation can be suppressed by the resistance,effect little on the direction.In the part of empirical test,there are two major achievements of BRICS financial cooperation:CRA and BRICS Stock Exchange Alliance,They were test individually with "reserve index" and the GARCH model,the results appeared,in the part of CRA capacity to resist the crisis,BRICS got significantly enhance except Russian;in the Stock markets of BRICS,BRICS stock markets returns clustered effect in terms of volatility,low risk-resisting ability,and other common features of Asymmetric Volatility.Finally combined with full article to make policy recommendations to deepen financial cooperation of the BRIC countries.